Kenya’s Central Bank Governor Mr Patrick Njoroge has been awarded the prestigious award of Africa’s ‘Central Bank Governor of The Year’ by the The African Development Bank Group for his contribution in stabilising the Kenyan economy.
“I dedicate this award to the youth of Africa” said Mr Patrick Njoroge while receiving the award during the 10th edition of the African Banker Awards 2016 held in Lusaka, Zambia.
Dr. Patrick Njoroge was appointed to head the Central Bank of Kenya on 19th June 2015 and since then, he has made efforts to clean up Kenya’s Banking sector in an exercise that has led to three banks being put under receivership.(Dubai Bank, Imperial Bank and Chase Bank). Later on,he brokered a deal that saw Chase Bank become the first Bank in Kenya’s history to reopen successfully through the help of KCB Bank.
In the short time that he has been in office, Kenya’s inflation rate has dropped to the lowest point since early 2013. See below chart;
On Monday, the Central Bank also cut its benchmark lending rate for the first time since April 2013….CBK Cuts Key lending Rate for the first time in 3 Years
During his press briefing on Tuesday, Njoroge told The Kenyan Wallstreet that he was ready to take on banks to reduce the high interest rates, arguing they “were comparable only to countries that had been hit by a banking crisis.”
He insists on market discipline by asking bankers to adhere to the rules. He also tightened access to the discount window hence banks have to manage their finances within the market and improve managing their own liquidity. These actions pushed the Kenya shilling to strengthen by 1.41% year-to-date to settle at Ksh 100.876 as at 25th Wednesday 2016.